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While it is suggested that you get gap insurance as soon as you purchase or lease your vehicle, you may still add this coverage up to 12 months after financing your car, depending on your ...
Gap insurance is optional car insurance endorsement that covers the “gap” between the amount owed on a vehicle and its actual cash value (ACV) in the event it is totaled, stolen or rendered a ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay) and what the borrower owes on the loan if the car is totaled or stolen.
The total loss is usually determined by the primary insurance company’s third-party appraiser. [citation needed] Exclusions to GAP insurance vary by country or state. Some exclusions include a maximum loss limit of $50,000 while others require a loan term of less than 84 months. [5] GAP is an optional purchase, but many states in the US ...
For example, if you owe $20,000 on your car but it's only worth $16,000, gap insurance covers the $4,000 difference should your car become totaled or stolen. Does my car insurance policy cover ...
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